So, as the dollar weakens and the euro strengthens, an interesting dilemma arises. The Americans remain strangely quiet, happy about the dollar's depreciation but not trumpeting the fact. The Europeans are divided about what to do. The French want the European Central Bank to take steps to weaken the euro; other European officials celebrate the strong euro.
"France has complained loudly in recent weeks about the strength of the euro, with clear support from Italy, but Germany, the world's top exporter, kept its distance. German Finance Minister Peer Steinbrueck did so again as the ministers convened on Monday, telling journalists as he entered the Luxembourg meeting: "I prefer a strong euro." His Dutch and Austrian colleagues took a similar line."
Unable to agree upon a policy for the euro, it seems they decided to pressure China. "At a meeting dominated by worries about the strength of the euro, Jean-Claude Juncker, who is chairman of the group of euro zone finance ministers, described the concerns of the officials as being "first point, China; second point, dollar; third point, yen."